Southeast Asia Information Port (www.dnyxxg.com) – The Prime Minister of Vietnam has issued Decision No. 16/QĐ-TTg, approving the implementation plan for the Vietnam-Israel Free Trade Agreement (FTA). The plan aims to clarify the tasks and responsibilities of relevant agencies and ensure the comprehensive, synchronized, and effective implementation of the agreement.
According to the plan, information about the Vietnam-Israel FTA and the Israeli market will be widely disseminated to central and local management agencies, associations, and businesses through various means, including publicity campaigns, seminars, and training. The focus will be on enhancing understanding of tariff commitments, rules of origin, market access, investment, services, customs, trade defense, and technical barriers to trade.
Notably, the plan requires the establishment of an information liaison point for the Vietnam-Israel FTA within the Ministry of Industry and Trade. This liaison will provide information, guidance, and answers to questions regarding commitments and issues arising during the implementation of the agreement. Simultaneously, relevant departments will strengthen the provision of information and forecasts on the Israeli market, assisting businesses in promptly understanding technical requirements and import/export regulations.
Furthermore, trade and investment promotion activities in Israel will be promoted, Vietnam's investment and business environment will be publicized, businesses from both countries will be connected, the Vietnamese market will be expanded, and Israeli investment in key sectors will be attracted. In terms of institutional arrangements, ministries and sectors will continue to review, revise, and supplement normative legal documents that comply with the commitments of the Vietnam-Israel Free Trade Agreement (FTA), while simultaneously improving the necessary mechanisms for implementing the agreement according to the established roadmap.
The plan also emphasizes supporting industries and enterprises, especially SMEs and startups, to enhance their competitiveness; supporting enterprises' participation in value chains and supply chains involving Israeli companies; and promoting mutual recognition of conformity assessment results, particularly for Vietnam's major exports (including halal-certified products).
The Vietnam-Israel Free Trade Agreement officially came into effect on November 17, 2024. According to the agreement, Israel has eliminated tariffs on 66.3% of Vietnamese goods, and will increase this figure to 92.7% by the end of the roadmap; Vietnam has eliminated tariffs on approximately 85.7% of Israeli goods. The Vietnam-Israel FTA is expected to provide new impetus for promoting bilateral trade and investment, create more opportunities for Vietnamese goods to access the Israeli market, and attract Israeli capital and high technology. (End)
